Momentum Trader Report: 03/26/09

26 Mar

Posted by Momentum-Trader as Momentum-Trader Report

The market continued its rally with another big thrust higher, with many stocks making big moves.

It’s hard to believe that the market is continuing to move higher here, but I am nto complaining. I had two more breakouts from my Watchlist, both with big gains. Let’s look at those.

The first is NICE. This gapped up at the open, and was a snoozer for most of the morning, but it moved nicely in the afternoon.

The other was THRX. It also triggered near the open, and had me worried, but it too rallied strongly in the afternoon.

There was a trigger from yesterday, GVA, that I didn’t post the chart of yesterday, but it was on the Watchlist with two buy points. It barely triggered yesterday, but added nicely to the gains today.

MYGN, a great trigger from yesterday, added to its gains today.

This rally has been a momentum traders dream. Almost every beta stock with a bullish chart pattern has broken out and offered nice gains. There were a few last night on my screen that I didnt post charts of for one reason or another, and they made very big gains today, stocks like DLTR, PNRA and HOTT. Here’s one I almost posted last night:

Here’s what it did today:

Next time we get a rally like this, I will remember to play every bullish setup I can find. This rally shows why it’s a good idea to always have some trade ideas ready.

Trade Ideas for 03/27/09:

I know I am sounding like a broken record, but this market could use a rest. But I have some charts that I am watching here, in case we push even higher yet.